Calculated Risk: Goldman Slashes GDP forecast: From Bloomberg: Goldman Slashes U.S. Growth Forecasts, Says Recession Deepens
In a research note released this morning, Goldman Sachs slashed their Q4 GDP forecast from a decline of 3.5%, to a decline of 5% in Q4 (at an annual rate). They are now forecasting unemployment will reach 9% by Q4 2009.
They are also forecasting (not in Bloomberg article) that unemployment will rise to 6.8% in November with 350,000 in reported job losses.
This isn't quite the "just awful" scenario, but it is pretty close.